Warren Buffett
Wonderful businesses at fair prices
The most demanding of the seven. Buffett wants a moat that lasts decades, management that thinks like owners and a price that doesn't already assume perfection. If you'd happily own it for ten years without checking the quote, start here.
- ROE ≥ 15% without leverage doing the work
- Earnings positive every year of the last five
- Owner earnings yield ≥ 5–8%, share count flat or shrinking